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91.              You lose your job and, as a result, you

Question : 91.              You lose your job and, as a result, you : 1485226

 

91.              You lose your job and, as a result, you buy fewer iTunes music downloads.  This shows that you consider iTunes music downloads to be a(n)

a.

luxury good.

b.

inferior good.

c.

normal good.

d.

complementary good.

92.              Pizza is a normal good if the demand

a.

for pizza rises when income rises.

b.

for pizza rises when the price of pizza falls.

c.

curve for pizza slopes upward.

d.

curve for pizza shifts to the right when the price of burritos rises, assuming pizza and burritos are substitutes.

93.              Suppose that when income rises, the demand curve for doctor’s visits shifts to the right.  In this case, we know doctor’s visits are

a.

inferior goods.

b.

normal goods.

c.

perfectly competitive goods.

d.

durable goods.

94.              Which of the following would shift the demand curve for gasoline to the right?

a.

a decrease in the price of gasoline

b.

an increase in consumer income, assuming gasoline is a normal good

c.

an increase in the price of cars, a complement for gasoline

d.

a decrease in the expected future price of gasoline

95.              If a decrease in income increases the demand for a good, then the good is a(n)

a.

substitute good.

b.

complementary good.

c.

normal good.

d.

inferior good.

96.              If a increase in income decreases the demand for a good, then the good is a(n)

a.

substitute good.

b.

complementary good.

c.

normal good.

d.

inferior good.

97.              If a good is inferior, then an increase in income will result in

a.

an increase in the demand for the good.

b.

a decrease in the demand for the good.

c.

a movement down and to the right along the demand curve for the good.

d.

a movement up and to the left along the demand curve for the good.

98.              Currently you purchase ten frozen pizza per month.  You will graduate from college in December, and you will start a new job in January.  You have no plans to purchase frozen pizzas in January.  For you, frozen pizzas are a(n)

a.

substitute good.

b.

normal good.

c.

inferior good.

d.

complementary good.

99.              Soup is an inferior good if the demand

a.

for soup falls when the price of a substitute for soup rises.

b.

for soup rises when the price of soup falls.

c.

curve for soup slopes upward.

d.

for soup falls when income rises.

100.Suppose that Amanda receives a pay increase.  We would expect

a.

to observe Amanda moving down and to the right along her given demand curve.

b.

Amanda's demand for inferior goods to decrease.

c.

Amanda's demand for each of two goods that are complements to increase.

d.

Amanda's demand for normal goods to decrease.

 

 

 

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